DANA Inc 10-Q

ITEM 1. FINANCIAL STATEMENTS Dana Incorporated Consolidated Statement of Operations (Unaudited) (In millions, except per share amounts) Three Months Ended March 31, 2025 2024 Net sales $ 2,352 $ 2,735 Costs and expenses Cost of sales 2,132 2,491 Selling, general and administrative expenses 132 139 Amortization of intangibles 3 3 Restructuring charges, net 5 5 Loss on disposal group previously held for sale ( 29 ) Other income (expense), net ( 8 ) 2 Earnings before interest and income taxes 72 70 Interest income 3 4 Interest expense 39 39 Earnings before income taxes 36 35 Income tax expense 8 37 Equity in earnings of affiliates 2 2 Net income 30 — Less: Noncontrolling interests net income 5 5 Less: Redeemable noncontrolling interests net loss ( 8 ) Net income attributable to the parent company $ 25 $ 3 Net income per share available to common stockholders Basic $ 0.17 $ 0.02 Diluted $ 0.17 $ 0.02 Weighted-average common shares outstanding Basic 145.6 144.8 Diluted 147.0 144.8 The accompanying notes are an integral part of the consolidated financial statements. 3 Table of Contents Dana Incorporated Consolidated Statement of Comprehensive Income (Unaudited) (In millions) Three Months Ended March 31, 2025 2024 Net income $ 30 $ — Other comprehensive income (loss), net of tax: Currency translation adjustments 14 ( 20 ) Hedging gains and losses 18 ( 2 ) Defined benefit plans 1 Other comprehensive income (loss) 32 ( 21 ) Total comprehensive income (loss) 62 ( 21 ) Less: Comprehensive income attributable to noncontrolling interests ( 5 ) ( 4 ) Less: Comprehensive loss attributable to redeemable noncontrolling interests 11 Comprehensive income (loss) attributable to the parent company $ 57 $ ( 14 ) The accompanying notes are an integral part of the consolidated financial statements. 4 Table of Contents Dana Incorporated Consolidated Balance Sheet (Unaudited) (In millions, except share and per share amounts) March 31, December 31, 2025 2024 Assets Current assets Cash and cash equivalents $ 507 $ 494 Accounts receivable Trade, less allowance for doubtful accounts of $ 17 in 2025 and $ 15 in 2024 1,425 1,195 Other 236 261 Inventories 1,617 1,547 Other current assets 246 206 Total current assets 4,031 3,703 Goodwill 257 250 Intangibles 148 150 Deferred tax assets 579 560 Other noncurrent assets 137 189 Investments in affiliates 127 126 Operating lease assets 299 293 Property, plant and equipment, net 2,222 2,214 Total assets $ 7,800 $ 7,485 Liabilities, redeemable noncontrolling interests and equity Current liabilities Short-term debt $ 130 $ 8 Current portion of long-term debt 215 214 Accounts payable 1,659 1,522 Accrued payroll and employee benefits 273 236 Taxes on income 90 69 Current portion of operating lease liabilities 46 44 Other accrued liabilities 415 468 Total current liabilities 2,828 2,561 Long-term debt, less debt issuance costs of $ 18 in 2025 and $ 19 in 2024 2,428 2,389 Noncurrent operating lease liabilities 262 258 Pension and postretirement obligations 304 295 Other noncurrent liabilities 343 397 Total liabilities 6,165 5,900 Commitments and contingencies (Note 13) Redeemable noncontrolling interests 189 189 Parent company stockholders' equity Preferred stock, 50,000,000 shares authorized, $ 0.01 par value, no shares outstanding — — Common stock, 450,000,000 shares authorized, $ 0.01 par value, 145,726,212 and 144,993,614 shares outstanding 2 2 Additional paid-in capital 2,294 2,282 Retained earnings 214 204 Treasury stock, at cost ( 1,304,731 and 837,803 shares) ( 21 ) ( 13 ) Accumulated other comprehensive loss ( 1,110 ) ( 1,142 ) Total parent company stockholders' equity 1,379 1,333 Noncontrolling interests 67 63 Total equity 1,446 1,396 Total liabilities, redeemable noncontrolling interests and equity $ 7,800 $ 7,485 The accompanying notes are an integral part of the consolidated financial statements. 5 Table of Contents Dana Incorporated Consolidated Statement of Cash Flows (Unaudited) (In millions) Three Months Ended March 31, 2025 2024 Operating activities Net income $ 30 $ — Depreciation 96 101 Amortization 5 5 Amortization of deferred financing charges 1 1 Earnings of affiliates, net of dividends received ( 2 ) ( 2 ) Stock compensation expense 13 6 Deferred income taxes ( 20 ) 2 Pension expense, net ( 7 ) Change in working capital ( 141 ) ( 251 ) Change in other noncurrent assets and liabilities ( 15 ) ( 4 ) Loss on disposal group previously held for sale 29 Other, net ( 4 ) 18 Net cash used in operating activities ( 37 ) ( 102 ) Investing activities Purchases of property, plant and equipment ( 75 ) ( 70 ) Proceeds from sale of property, plant and equipment 11 4 Settlements of undesignated derivatives ( 1 ) ( 1 ) Other, net 4 Net cash used in investing activities ( 65 ) ( 63 ) Financing activities Net change in short-term debt 121 17 Repayment of long-term debt ( 4 ) ( 27 ) Dividends paid to common stockholders ( 15 ) ( 15 ) Distributions to noncontrolling interests ( 1 ) ( 3 ) Collection of note receivable from noncontrolling interest 11 Contributions from redeemable noncontrolling interests 9 Other, net ( 6 ) 9 Net cash provided by financing activities 95 1 Net decrease in cash, cash equivalents and restricted cash ( 7 ) ( 164 ) Cash, cash equivalents and restricted cash – beginning of period 512 563 Effect of exchange rate changes on cash balances 18 ( 12 ) Cash, cash equivalents and restricted cash – end of period (Note 5) $ 523 $ 387 Non-cash investing activity Purchases of property, plant and equipment held in accounts payable $ 30 $ 44 The accompanying notes are an integral part of the consolidated financial statements. 6 Table of Contents Dana Incorporated Index to Notes to Consolidated Financial Statements 1. Organization and Summary of Significant Accounting Policies 2. Disposal Group Previously Held for Sale 3. Goodwill and Other Intangible Assets 4. Restructuring of Operations 5. Supplemental Balance Sheet and Cash Flow Information 6. Stockholders' Equity 7. Redeemable Noncontrolling Interests 8. Earnings per Share 9. Stock Compensation 10. Pension and Postretirement Benefit Plans 11. Financing Agreements 12. Fair Value Measurements and Derivatives 13. Commitments and Contingencies 14. Warranty Obligations 15. Income Taxes 16. Other Income (Expense), Net 17. Revenue from Contracts with Customers 18. Segments 19. Equity Affiliates 7 Table of Contents Notes to Consolidated Financial Statements (Unaudited) (In millions, except share and per share amounts) Note 1. Organization and Summary of Significant Accounting Policies General Dana Incorporated (Dana) is headquartered in Maumee, Ohio and was incorporated in Delaware in 2007. Dana is a global provider of high technology driveline (axles, driveshafts and transmissions); sealing and thermal-management products; and motors, power inverters, and control systems for electric vehicles with a customer base that includes virtually every major vehicle manufacturer in the global light vehicle, medium/heavy vehicle and off-highway markets. The terms "Dana," "we," "our" and "us," when used in this report, are references to Dana. These references include the subsidiaries of Dana unless otherwise indicated or the context requires otherwise. Summary of significant accounting policies Basis of presentation — Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information. These statements are unaudited, but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the results for the interim periods. The results reported in these consolidated financial statements should not necessarily be taken as indicative of results that may be expected for the entire year. The financial information included herein should be read in conjunction with the consolidated financial statements in Item 8 of our Annual Report on Form 10 -K for the year ended December 31, 2024 (the 2024 Form 10 -K). Certain prior year amounts have been reclassified to conform to the current presentation. Recently adopted accounting pronouncements We did not adopt any new accounting pronouncements during the three months ended March 31, 2025 . Recently issued accounting pronouncements In November 2024, the Financial Accounting Standards Board (FASB) issued ASU 2024 - 03, Disaggregation of Income Statement Expenses (Subtopic 220 - 40 ), which requires public entities to disclose detailed components of income statement expenses, such as inventory purchases, employee compensation, depreciation and amortization within relevant expense captions. Companies are also required to explain amounts not disaggregated and define and disclose total selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. We are currently evaluating the impact of the guidance on our financial statement disclosures. In December 2023, the FASB issued ASU 2023 - 09, Improvements to Income Tax Disclosures. This guidance requires disaggregated income tax disclosures on the rate reconciliation and income taxes paid. The guidance becomes effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of the guidance on our financial statement disclosures. Note 2. Disposal Group Previously Held for Sale In February 2024, we entered into a definitive agreement to sell our European hydraulics business to HPIH S.à r.l. We classified the disposal group as held for sale, recognizing a $ 26 loss during the year ended December 31, 2024 to adjust the carrying value of net assets to fair value less estimated costs to sell. The transaction was not completed by the date set forth in the definitive agreement. The assets of the European hydraulics business are no longer held for sale and have been reclassified as held and used at the lower of their adjusted carrying value or fair value at the date the held for sale criteria was no longer met. 8 Table of Contents Note 3. Goodwill and Other Intangible Assets Changes in the carrying amount of goodwill by segment — Off-Highway Balance, December 31, 2024 $ 250 Currency impact 7 Balance, March 31, 2025 $ 257 Components of other intangible assets — March 31, 2025 December 31, 2024 Weighted Average Useful Life (years) Gross Carrying Amount Accumulated Impairment and Amortization Net Carrying Amount Gross Carrying Amount Accumulated Impairment and Amortization Net Carrying Amount Amortizable intangible assets Core technology 10 $ 60 $ ( 37 ) $ 23 $ 59 $ ( 35 ) $ 24 Trademarks and trade names 14 23 ( 14 ) 9 23 ( 14 ) 9 Customer relationships 12 117 ( 72 ) 45 116 ( 69 ) 47 Non-amortizable intangible assets Trademarks and trade names 71 71 70 70 $ 271 $ ( 123 ) $ 148 $ 268 $ ( 118 ) $ 150 Net carrying amounts of intangible assets, other than goodwill, attributable to each of our operating segments— March 31, 2025 Light Vehicle $ 13 Commercial Vehicle 65 Off-Highway 70 $ 148 Amortization expense related to amortizable intangible assets — Three Months Ended March 31, 2025 2024 Charged to cost of sales $ 2 $ 2 Charged to amortization of intangibles 3 3 Total amortization $ 5 $ 5 9 Table of Contents Note 4. Restructuring of Operations Our restructuring activities include rationalizing our operating footprint by consolidating facilities, positioning operations in lower cost locations, and headcount reduction initiatives focused on reducing operating and overhead costs. Restructuring expense includes costs associated with current and previously announced actions and is comprised of contractual and noncontractual separation costs and exit costs, including certain operating costs of facilities that we are in the process of closing. During 2024, we announced actions to consolidate certain manufacturing facilities along with global headcount reductions focused on reducing engineering and overhead costs in response to market dynamics, including delays in the adoption of electric vehicles. During the first quarter of 2025, we continued to execute on these initiatives. Accrued restructuring costs and activity — Employee Termination Benefits Exit Costs Total Balance, December 31, 2024 $ 50 $ 1 $ 51 Charges to restructuring 5 2 7 Adjustments of accruals ( 2 ) ( 2 ) Cash payments ( 11 ) ( 3 ) ( 14 ) Currency impact 1 1 Balance, March 31, 2025 $ 43 $ — $ 43 At March 31, 2025 , the accrued employee termination benefits include costs to reduce approximately 700 e mployees to be complet ed over the next year. Note 5. Supplemental Balance Sheet and Cash Flow Information Supplier finance programs — As of March 31, 2025 and December 31, 2024 , we had $ 62 and $ 63 , respectively, of confirmed obligations subject to supplier finance programs presented as accounts payable within total current liabilities on the consolidated balance sheet. Inventory components — March 31, 2025 December 31, 2024 Raw materials $ 652 $ 629 Work in process and finished goods 965 918 Total $ 1,617 $ 1,547 Cash, cash equivalents and restricted cash — March 31, 2025 December 31, 2024 March 31, 2024 December 31, 2023 Cash and cash equivalents $ 507 $ 494 $ 351 $ 529 Restricted cash included in other current assets 6 9 25 23 Restricted cash included in other noncurrent assets 10 9 11 11 Total cash, cash equivalents and restricted cash $ 523 $ 512 $ 387 $ 563 Note 6. Stockholders’ Equity Common stock — Our Board of Directors declared a cash dividend of ten cents per share of common stock in the first quarter of 2025. Dividends accrue on restricted stock units (RSUs) and performance share units (PSUs) granted under our stock compensation program and will be paid in cash or additional units when the underlying units vest. 10 Table of Contents Changes in equity — 2025 Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive Loss Non-controlling Interests Total Equity Balance, December 31, 2024 $ 2 $ 2,282 $ 204 $ ( 13 ) $ ( 1,142 ) $ 63 $ 1,396 Net income 25 5 30 Other comprehensive income 32 32 Common stock dividends and dividend equivalents ( 15 ) ( 15 ) Distributions to noncontrolling interests ( 1 ) ( 1 ) Stock compensation 12 12 Stock withheld for employee taxes ( 8 ) ( 8 ) Balance, March 31, 2025 2 2,294 214 ( 21 ) ( 1,110 ) 67 1,446 2024 Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive Loss Non-controlling Interests Total Equity Balance, December 31, 2023 $ 2 $ 2,255 $ 317 $ ( 9 ) $ ( 990 ) $ 62 $ 1,637 Net income 3 5 8 Other comprehensive loss ( 17 ) ( 1 ) ( 18 ) Common stock dividends and dividend equivalents ( 15 ) ( 15 ) Distributions to noncontrolling interests ( 1 ) ( 1 ) Redeemable noncontrolling interests adjustment to redemption value ( 8 ) ( 8 ) Stock compensation 5 5 Stock withheld for employee taxes ( 4 ) ( 4 ) Balance, March 31, 2024 2 2,260 297 ( 13 ) ( 1,007 ) 65 1,604 11 Table of Contents Changes in each component of accumulated other comprehensive income (loss) (AOCI) of the parent — Parent Company Stockholders 2025 Foreign Currency Translation Hedging Defined Benefit Plans Accumulated Other Comprehensive Loss Balance, December 31, 2024 $ ( 977 ) $ ( 29 ) $ ( 136 ) $ ( 1,142 ) Currency translation adjustments 14 14 Holding gains and losses ( 11 ) ( 11 ) Reclassification of amount to net income (a) 34 34 Tax expense ( 5 ) ( 5 ) Other comprehensive income 14 18 — 32 Balance, March 31, 2025 ( 963 ) ( 11 ) ( 136 ) ( 1,110 ) Parent Company Stockholders 2024 Foreign Currency Translation Hedging Defined Benefit Plans Accumulated Other Comprehensive Loss Balance, December 31, 2023 $ ( 868 ) $ 20 $ ( 142 ) $ ( 990 ) Currency translation adjustments ( 16 ) ( 16 ) Holding gains and losses 9 9 Reclassification of amount to net income (a) ( 11 ) ( 11 ) Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 1 1 Other comprehensive income (loss) ( 16 ) ( 2 ) 1 ( 17 ) Balance, March 31, 2024 ( 884 ) 18 ( 141 ) ( 1,007 ) (a) Realized gains and losses from currency-related forward contracts associated with forecasted transactions or from other derivative instruments treated as cash flow hedges are reclassified from AOCI into the same line item in the consolidated statement of operations in which the underlying forecasted transaction or other hedged item is recorded. See Note 12 for additional details. (b) See Note 10 for additional details. 12 Table of Contents Note 7. Redeemable Noncontrolling Interests Hydro-Québec owns a 45 % redeemable noncontrolling interest in Dana TM4 Inc., Dana TM4 Electric Holdings BV and Dana TM4 USA, LLC. The terms of the joint venture agreement provide Hydro-Québec with the right to put all, and not less than all, of its ownership interests in Dana TM4 Inc., Dana TM4 Electric Holdings BV and Dana TM4 USA, LLC to Dana at fair value. We estimate the fair value of the redemption value using an income-based approach based on discounted cash flow projections. In determining fair value using discounted cash flow projections, we make significant assumptions and estimates about the extent and timing of future cash flows, including revenue growth rates, projected EBITDA, discount rate, capital expenditures and terminal growth rate. On May 6, 2024, Hydro-Québec provided Dana with its put notice. Subsequent to May 6, 2024, Dana will no longer attribute net income (loss) and other comprehensive income (loss) items of Dana TM4 Inc., Dana TM4 Electric Holdings BV and Dana TM4 USA, LLC to Hydro-Québec's redeemable noncontrolling interest. Closure of the transaction will proceed in accordance with the provisions of the shareholders agreement. Reconciliation of changes in redeemable noncontrolling interests — Three Months Ended March 31, 2025 2024 Balance, beginning of period $ 189 $ 191 Capital contribution from redeemable noncontrolling interests 9 Adjustment to redemption value 8 Comprehensive income (loss) adjustments: Net loss attributable to redeemable noncontrolling interests ( 8 ) Other comprehensive loss attributable to redeemable noncontrolling interests ( 3 ) Balance, end of period $ 189 $ 197 Note 8. Earnings per Share Reconciliation of the numerators and denominators of the earnings per share calculations — Three Months Ended March 31, 2025 2024 Net income available to common stockholders - Numerator basic and diluted $ 25 $ 3 Denominator: Weighted-average common shares outstanding - Basic 145.6 144.8 Employee compensation-related shares 1.4 — Weighted-average common shares outstanding - Diluted 147.0 144.8 The share count for diluted earnings per share is computed on the basis of the weighted-average number of common shares outstanding plus the effects of dilutive common stock equivalents (CSEs) outstanding during the period. We excluded 0.1 and 2.2 million CSEs from the calculation of diluted earnings per share for the first quarters of 2025 and 2024 as the effect of including them would have been anti-dilutive. 13 Table of Contents Note 9. Stock Compensation The Compensation Committee of our Board of Directors approved the grant of RSUs and performance share units (PSUs) shown in the table below during the three months ended March 31, 2025 . Granted Grant Date (In millions) Fair Value* RSUs 0.9 $ 16.33 PSUs 0.4 $ 18.70 * Weighted-average per share We calculated the fair value of the RSUs at grant date based on the closing market price of our common stock at the date of grant. The number of PSUs that ultimately vest is contingent on achieving specified financial targets and specified total shareholder return targets relative to peer companies. For the portion of the award based on financial metrics, we estimated the fair value of the PSUs at grant date based on the closing market price of our common stock at the date of grant. For the portion of the award based on shareholder returns, we estimated the fair value of the PSUs at grant date using various assumptions as part of a Monte Carlo simulation. The expected term represents the period from the grant date to the end of the three -year performance period. The risk-free interest rate of 4.23 % was based on U.S. Treasury constant maturity rates at the grant date. The estimated volatility of 49.1 % was based on observed historical volatility of daily stock returns for the 3 -year period preceding the grant date. During the three months ended March 31, 2025 , the Company amended the PSU awards to accrue dividends, which are subject to the same vesting and forfeiture conditions as the original award. The incremental compensation cost resulting from this modification is not material. During the three months ended March 31, 2025 , we paid $ 2.2 and $ 0.4 of cash to settle RSUs and PSUs and issued 1.0 and 0.2 million shares of common stock based on the vesting of RSUs and PSUs, respectively. We recognized stock compensation expense of $ 13 and $ 6 in the first quarters of 2025 and 2024 . At March 31, 2025 , the total unrecognized compensation cost related to the nonvested awards granted and expected to vest was $ 41 . This cost is expected to be recognized over a weighted-average period of 1.7 years. Note 10. Pension and Postretirement Benefit Plans We have a number of defined contribution and defined benefit, qualified and nonqualified, pension plans covering eligible employees. Other postretirement benefits (OPEB), including medical and life insurance, are provided for certain employees upon retirement. Components of net periodic benefit cost — Pension OPEB 2025 2024 2025 2024 Three Months Ended March 31, U.S. Non-U.S. U.S. Non-U.S. Non-U.S. Non-U.S. Interest cost $ 6 $ 3 $ 7 $ 3 $ 1 $ 1 Expected return on plan assets ( 7 ) ( 1 ) ( 7 ) ( 1 ) Service cost 1 2 Amortization of net actuarial loss (gain) 1 2 ( 1 ) ( 1 ) Net periodic benefit cost $ — $ 3 $ 2 $ 4 $ — $ — The service cost components of net periodic pension and OPEB costs are included in cost of sales and selling, general and administrative expenses as part of compensation cost and are eligible for capitalization in inventory and other assets. The non-service components are reported in other income (expense), net and are not eligible for capitalization. 14 Table of Contents Note 11. Financing Agreements Long-term debt at — Interest Rate March 31, 2025 December 31, 2024 Senior Notes due April 15, 2025 5.750 % * $ 200 $ 200 Senior Notes due November 15, 2027 5.375 % 400 400 Senior Notes due June 15, 2028 5.625 % 400 400 Senior Euro Notes due July 15, 2029 3.000 % 352 337 Senior Notes due September 1, 2030 4.250 % 400 400 Senior Euro Notes due July 15, 2031 8.500 % 460 440 Senior Notes due February 15, 2032 4.500 % 350 350 Other indebtedness 99 95 Debt issuance costs ( 18 ) ( 19 ) 2,643 2,603 Less: Current portion of long-term debt 215 214 Long-term debt, less debt issuance costs $ 2,428 $ 2,389 * In conjunction with the issuance of the April 2025 Notes, we entered into 8 -year fixed-to-fixed cross-currency swaps which have the effect of economically converting the April 2025 Notes to euro-denominated debt at a fixed rate of 3.850 %. See Note 12 for additional information. Interest on the senior notes is payable semi-annually. Other indebtedness includes borrowings from various financial institutions and finance lease obligations. 15 Table of Contents Senior notes activity — On April 15, 2025, Dana retired its remaining April 2025 Notes. Senior notes redemption provisions — We may redeem some or all of the senior notes at the following redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest to the redemption date, if redeemed during the 12 -month period commencing on the anniversary date of the senior notes in the year set forth below: Redemption Price April November June July September July February Year 2025 Notes 2027 Notes 2028 Notes 2029 Notes 2030 Notes 2031 Notes 2032 Notes 2024 100.000 % 100.000 % 101.406 % 101.500 % 2025 100.000 % 100.000 % 100.750 % 2026 100.000 % 100.000 % 100.000 % 102.125 % 104.250 % 2027 100.000 % 100.000 % 101.417 % 102.125 % 102.250 % 2028 100.000 % 100.708 % 100.000 % 101.500 % 2029 100.000 % 100.000 % 100.750 % 2030 100.000 % 100.000 % 2031 100.000 % Prior to May 1, 2026, we may redeem some or all of the September 2030 Notes at a redemption price equal to 100 % of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date plus a “make-whole” premium. We have not separated the make-whole premium from the underlying debt instrument to account for it as a derivative instrument as the economic characteristics and the risks of this embedded derivative are clearly and closely related to the economic characteristics and risks of the underlying debt. At any time prior to July 15, 2026, we may redeem up to 40% of the aggregate principal amount of the July 2031 Notes in an amount not to exceed the amount of proceeds of one or more equity offerings, at a price equal to 108.500 % of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date, provided that at least 50 % of the aggregate principal amount of the July 2031 Notes remain outstanding after the redemption. Prior to July 15, 2026, we may also redeem some or all of the July 2031 Notes at a redemption price equal to 100 % of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date plus a “make-whole” premium. We have not separated the make-whole premium from the underlying debt instrument to account for it as a derivative instrument as the economic characteristics and the risks of this embedded derivative are clearly and closely related to the economic characteristics and risks of the underlying debt. Prior to February 15, 2027, we may redeem some or all of the February 2032 Notes at a redemption price equal to 100 % of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date plus a “make-whole” premium. We have not separated the make-whole premium from the underlying debt instrument to account for it as a derivative instrument as the economic characteristics and the risks of this embedded derivative are clearly and closely related to the economic characteristics and risks of the underlying debt. Credit agreement — Deferred financing costs on our Revolving Facility are included in other noncurrent assets and are being amortized over the life of the Revolving Facility. The Revolving Facility is guaranteed by all of our wholly-owned domestic subsidiaries subject to certain exceptions (the guarantors) and are secured by a first -priority lien on substantially all of the assets of Dana and the guarantors, subject to certain exceptions. 16 Table of Contents Advances under the Revolving Facility bear interest at a floating rate based on, at our option, the base rate or the Term Secured Overnight Financing Rate ("SOFR") (each as described in the credit agreement) plus a margin as set forth below: Margin Total Net Leverage Ratio Base Rate SOFR Rate Less than or equal to 1.00:1.00 0.25 % 1.25 % Greater than 1.00:1.00 but less than or equal to 2.00:1.00 0.50 % 1.50 % Greater than 2.00:1.00 0.75 % 1.75 % Commitment fees are applied based on the average daily unused portion of the available amounts under the Revolving Facility as set forth below: Total Net Leverage Ratio Commitment Fee Less than or equal to 1.00:1.00 0.250 % Greater than 1.00:1.00 but less than or equal to 2.00:1.00 0.375 % Greater than 2.00:1.00 0.500 % Up to $ 275 of the Revolving Facility may be applied to letters of credit, which reduces availability. We pay a fee for issued and undrawn letters of credit in an amount per annum equal to the applicable margin for SOFR rate advances based on a quarterly average availability under issued and undrawn letters of credit under the Revolving Facility and a per annum fronting fee of 0.125 %, payable quarterly. At March 31, 2025 , we had $ 115 of outstanding borrowings under the Revolving Facility and had utilized $ 10 for letters of credit. We had availability at March 31, 2025 under the Revolving Facility of $ 1,025 after deducting outstanding borrowings and letters of credit. Debt covenants — At March 31, 2025 , we were in compliance with the covenants of our financing agreements. Under the Revolving Facility and the senior notes, we are required to comply with certain incurrence-based covenants customary for facilities of these types and, in the case of the Revolving Facility, a maintenance covenant tested on the last day of each fiscal quarter requiring us to maintain a first lien net leverage ratio not to exceed 2.00 to 1.00. Note 12. Fair Value Measurements and Derivatives In measuring the fair value of our assets and liabilities, we use market data or assumptions that we believe market participants would use in pricing an asset or liability including assumptions about risk when appropriate. Our valuation techniques include a combination of observable and unobservable inputs. Fair value measurements on a recurring basis — Assets and liabilities that are carried in our balance sheets at fair value are as follows: Fair Value Category Balance Sheet Location Fair Value Level March 31, 2025 December 31, 2024 Currency forward contracts Cash flow hedges Accounts receivable - Other 2 $ 6 $ 10 Cash flow hedges Other accrued liabilities 2 9 28 Undesignated Accounts receivable - Other 2 1 8 Undesignated Other accrued liabilities 2 11 14 Currency swaps Cash flow hedges Other noncurrent assets 2 2 23 Undesignated Other noncurrent liabilities 2 5 5 Fair Value Level 2 assets and liabilities reflect the use of significant other observable inputs. Fair value of financial instruments — The financial instruments that are not carried in our balance sheets at fair value are as follows: March 31, 2025 December 31, 2024 Fair Value Level Carrying Value Fair Value Carrying Value Fair Value Long-term debt 2 $ 2,547 $ 2,517 $ 2,510 $ 2,492 17 Table of Contents Foreign currency derivatives — Our foreign currency derivatives include forward contracts associated with forecasted transactions, primarily involving the purchases and sales of inventory, as well as currency swaps associated with certain recorded external notes payable and intercompany loans receivable and payable. Periodically, our foreign currency derivatives also include net investment hedges of certain of our investments in foreign operations. We have executed fixed-to-fixed cross-currency swaps in conjunction with the issuance of certain notes to eliminate the variability in the functional-currency-equivalent cash flows due to changes in exchange rates associated with the forecasted principal and interest payments. All of the underlying designated financial instruments have been designated as the hedged items in each respective cash flow hedge relationship, as shown in the table below. Designated as cash flow hedges of the forecasted principal and interest payments of the underlying designated financial instruments, all of the swaps economically convert the underlying designated financial instruments into the functional currency of each respective holder. The impact of the interest rate differential between the inflow and outflow rates on fixed-to-fixed cross-currency swaps is recognized during each period as a component of interest expense for hedges of external debt and as a component of other income (expense), net for hedges of intercompany debt. The following fixed-to-fixed cross-currency swaps were outstanding at March 31, 2025 : Underlying Financial Instrument Derivative Financial Instrument Description Type Face Amount Rate Notional Amount Traded Amount Inflow Rate Outflow Rate April 2025 Notes* Payable $ 200 5.75 % $ 200 € 185 5.75 % 3.85 % Luxembourg Intercompany Notes* Receivable € 93 3.85 % $ 100 € 93 5.75 % 3.85 % Luxembourg Intercompany Notes Receivable € 278 3.70 % € 278 $ 300 5.38 % 3.70 % Undesignated 2026 Swap $ 188 € 169 6.50 % 5.14 % Undesignated Offset 2026 Swap € 169 $ 188 3.13 % 6.50 % *These swaps were settled with the counterparty on April 15, 2025 by exchanging the stated notional values. The designated swaps are expected to be highly effective in offsetting the corresponding currency-based changes in cash outflows related to the underlying designated financial instruments. Based on our qualitative assessment that the critical terms of the underlying designated financial instruments and the associated swaps match and that all other required criteria have been met, we do not expect to incur any ineffectiveness. As effective cash flow hedges, changes in the fair value of the swaps will be recorded in OCI during each period. Additionally, to the extent the swaps remain effective, the appropriate portion of AOCI will be reclassified to earnings each period as an offset to the foreign exchange gain or loss resulting from the remeasurement of the underlying designated financial instruments. See Note 11 for additional information about the April 2025 Notes. To the extent the swaps are no longer effective, changes in their fair values will be recorded in earnings. The total notional amount of outstanding foreign currency forward contracts, involving the exchange of various currencies, was $ 1,367 at March 31, 2025 and $ 1,331 at December 31, 2024 . The total notional amount of outstanding foreign currency swaps, including the fixed-to-fixed cross-currency swaps, was $ 972 at March 31, 2025 and $ 951 at December 31, 2024 . The following currency derivatives were outstanding at March 31, 2025 : Notional Amount (U.S. Dollar Equivalent) Functional Currency Traded Currency Designated Undesignated Total Maturity U.S. dollar euro, Canadian dollar, Chinese renminbi, Mexican peso, Thai baht, South African rand $ 649 $ 37 $ 686 Mar-2026 Euro U.S. dollar, Australian dollar, Canadian dollar, Swiss franc, Chinese renminbi, British pound, Hungarian forint, Indian rupee, Mexican peso, Norwegian krone, Swedish krona, Singaporean dollar, South African rand 343 30 373 Sep-2027 Indian rupee U.S. dollar, euro, British pound 79 79 Dec-2025 Brazilian real U.S. dollar, euro 55 15 70 Mar-2026 South African rand U.S. dollar, euro, Thai baht 62 62 May-2025 Canadian dollar U.S. dollar 25 14 39 Mar-2026 Thai baht U.S. dollar 7 16 23 Dec-2025 British pound U.S. dollar, euro 20 6 26 Dec-2025 Chinese renminbi U.S. dollar, euro, Canadian dollar 4 4 Apr-2025 Mexican peso U.S. dollar 3 3 Apr-2025 Swedish krona euro 1 1 Apr-2025 Australian dollar U.S. dollar, euro 1 1 Apr-2025 Total forward contracts 1,099 268 1,367 U.S. dollar euro 301 183 484 Nov-2027 Euro U.S. dollar 300 188 488 Jun-2026 Total currency swaps 601 371 972 Total currency derivatives $ 1,700 $ 639 $ 2,339 18 Table of Contents Designated cash flow hedges — With respect to contracts designated as cash flow hedges, changes in fair value during the period in which the contracts remain outstanding are reported in OCI to the extent such contracts remain effective. Effectiveness is measured by using regression analysis to determine the degree of correlation between the change in the fair value of the derivative instrument and the change in the associated foreign currency exchange rates. Changes in the fair value of contracts not designated as cash flow hedges or as net investment hedges are recognized in other income (expense), net in the period in which the changes occur. Realized gains and losses from currency-related forward contracts associated with forecasted transactions or from other derivative instruments, including those that have been designated as cash flow hedges and those that have not been designated, are recognized in the same line item in the consolidated statement of operations in which the underlying forecasted transaction or other hedged item is recorded. Accordingly, amounts are potentially recorded in sales, cost of sales or, in certain circumstances, other income (expense), net. The following table provides a summary of deferred gains (losses) reported in AOCI as well as the amount expected to be reclassified to income in one year or less: Deferred Gain (Loss) in AOCI March 31, 2025 December 31, 2024 Gain (loss) expected to be reclassified into income in one year or less Forward Contracts $ ( 14 ) $ ( 35 ) $ ( 14 ) Cross-Currency Swaps ( 3 ) Total $ ( 14 ) $ ( 38 ) $ ( 14 ) The following table provides a summary of the location and amount of gains or losses recognized in the consolidated statement of operations associated with cash flow hedging relationships: Three Months Ended March 31, Derivatives Designated as Cash Flow Hedges 2025 2024 Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded Net sales $ 2,352 $ 2,735 Cost of sales 2,132 2,491 Other income (expense), net ( 8 ) 2 (Gain) or loss on cash flow hedging relationships Foreign currency forwards Amount of (gain) loss reclassified from AOCI into income Cost of sales 7 ( 9 ) Other income (expense), net 1 11 Cross-currency swaps Amount of (gain) loss reclassified from AOCI into income Other income (expense), net 26 ( 14 ) The amounts reclassified from AOCI into income for the cross-currency swaps represent an offset to a foreign exchange loss on our foreign currency-denominated intercompany and external debt instruments. Certain of our hedges of forecasted transactions have not formally been designated as cash flow hedges. As undesignated forward contracts, the changes in the fair value of such contracts are included in earnings for the duration of the outstanding forward contract. Any realized gain or loss on the settlement of such contracts is recognized in the same period and in the same line item in the consolidated statement of operations as the underlying transaction. The following table provides a summary of the location and amount of gains or losses recognized in the consolidated statement of operations associated with undesignated hedging relationships. Three Months Ended March 31, Derivatives Not Designated as Hedging Instruments 2025 2024 Gain (loss) recognized in income Foreign currency forward contracts Cost of sales $ ( 2 ) $ — Other income (expense), net ( 4 ) 2 Net investment hedges — We periodically designate derivative contracts or underlying non-derivative financial instruments as net investment hedges. With respect to contracts designated as net investment hedges, we apply the forward method, but for non-derivative financial instruments designated as net investment hedges, we apply the spot method. Under both methods, we report changes in fair value in the cumulative translation adjustment (CTA) component of OCI during the period in which the contracts remain outstanding to the extent such contracts and non-derivative financial instruments remain effective. During the second quarter of 2024, we entered into foreign currency forwards with a notional value of $ 100 that we designated as a net investment hedge of the foreign currency exposure related to a China renminbi denominated subsidiary. These forwards will mature in September 2025. During the third quarter of 2024, we entered into foreign currency forwards with a notional value of $ 122 that we designated as a net investment hedge of the foreign currency exposure related to a euro denominated subsidiary. These forwards will mature in November 2025. 19 Table of Contents Note 13. Commitments and Contingencies Environmental liabilities — Accrued environmental liabilities were $ 15 at both March 31, 2025 and December 31, 2024 . We consider the most probable method of remediation, current laws and regulations and existing technology in estimating our environmental liabilities. Guarantee of lease obligations — In connection with the divestiture of our Structural Products business in 2010, leases covering three U.S. facilities were assigned to a U.S. affiliate of Metalsa. Under the terms of the sale agreement, we will guarantee the affiliate’s performance under the leases, which run through June 2025, including approximately $ 6 of annual payments. In the event of a required payment by Dana as guarantor, we are entitled to pursue full recovery from Metalsa of the amounts paid under the guarantee and to take possession of the leased property. Other legal matters — We are subject to various pending or threatened legal proceedings arising out of the normal course of business or operations. In view of the inherent difficulty of predicting the outcome of such matters, we cannot state the eventual outcome of these matters. However, based on current knowledge and after consultation with legal counsel, we believe that any liabilities that may result from these proceedings will not have a material adverse effect on our liquidity, financial condition or results of operations. Note 14. Warranty Obligations We record a liability for estimated warranty obligations at the dates our products are sold. We record the liability based on our estimate of costs to settle future claims. Adjustments to our estimated costs at time of sale are made as claim experience and other new information becomes available. Obligations for service campaigns and other occurrences are recognized as adjustments to prior estimates when the obligation is probable and can be reasonably estimated. Changes in warranty liabilities — Three Months Ended March 31, 2025 2024 Balance, beginning of period $ 123 $ 116 Amounts accrued for current period sales 12 10 Adjustments of prior estimates 2 2 Settlements of warranty claims ( 17 ) ( 12 ) Currency impact 2 ( 1 ) Balance, end of period $ 122 $ 115 Note 15. Income Taxes We estimate the effective tax rate expected to be applicable for the full fiscal year and use that rate to provide for income taxes in interim reporting periods. We also recognize the tax impact of certain unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, in the interim period in which they occur. We have generally not recognized tax benefits on losses generated in several entities where the recent history of operating losses does not allow us to satisfy the “more likely than not” criterion for the recognition of deferred tax assets. Consequently, there is no income tax expense or benefit recognized on the pre-tax income or losses in these jurisdictions as valuation allowances are adjusted to offset the associated tax expense or benefit. We record interest and penalties related to uncertain tax positions as a component of income tax expense. Net interest expense for the periods presented herein is not significant. We reported income tax expense of $ 8 and $ 37 for the first quarters of 2025 and 2024, respectively. Our effective tax rates were 22 % and 106 % for the first quarters of 2025 and 2024, respectively. During the first quarter of 2025, we recorded a tax benefit of $ 19 due to a basis difference in a foreign subsidiary as a result of a change in tax status and $ 9 of tax expense for income tax reserves associated with prior tax years in foreign jurisdictions. During the first quarter of 2024, we recorded tax expense of $ 11 for valuation allowances related to foreign jurisdictions. Our effective income tax rates vary from the U.S. federal statutory rate of 21 % due to establishment, release, and adjustment of valuation allowances in several countries, nondeductible expenses and deemed income, local tax incentives in several countries outside the U.S., different statutory tax rates outside the U.S. and withholding taxes related to repatriations of international earnings. The effective income tax rate may vary significantly due to fluctuations in the amounts and sources, both foreign and domestic, of pretax income and changes in the amounts of non-deductible expenses. 20 Table of Contents Note 16. Other Income (Expense), Net Three Months Ended March 31, 2025 2024 Non-service cost components of pension and OPEB costs $ ( 2 ) $ ( 4 ) Government assistance 2 1 Foreign exchange gain (loss) ( 3 ) 1 Strategic transaction expenses ( 15 ) ( 2 ) Gain (loss) on sale of property, plant and equipment 1 ( 5 ) Other, net 9 11 Other income (expense), net $ ( 8 ) $ 2 Foreign exchange gains and losses on cross-currency intercompany loan balances that are not of a long-term investment nature are included above. Foreign exchange gains and losses on intercompany loans that are permanently invested are reported in OCI. Strategic transaction expenses relate primarily to costs incurred in connection with acquisition and divestiture related activities, including costs to complete the transaction and post-closing integration costs, and other strategic initiatives. Strategic transaction expenses during the three months ended March 31, 2025 were primarily attributable to investigating the potential sale of our Off-Highway business. Note 17. Revenue from Contracts with Customers We generate revenue from selling production parts to original equipment manufacturers (OEMs) and service parts to OEMs and aftermarket customers. While we provide production and service parts to certain OEMs under awarded multi-year programs, these multi-year programs do not contain any commitment to volume by the customer. As such, individual customer releases or purchase orders represent the contract with the customer. Our customer contracts do not provide us with an enforceable right to payment for performance completed to date throughout the contract term. As such, we recognize part sales revenue at the point in time when the parts are shipped, and risk of loss has transferred to the customer. We have elected to continue to include shipping and handling fees billed to customers in revenue, while including costs of shipping and handling in costs of sales. Taxes collected from customers are excluded from revenues and credited directly to obligations to the appropriate government agencies. Payment terms with our customers are established based on industry and regional practices and generally do not exceed 180 days. We continually seek new business opportunities and at times provide incentives to our customers for new program awards. We evaluate the underlying economics of each payment made to our customers to determine the proper accounting by understanding the nature of the payment, the rights and obligations in the contract, and other relevant facts and circumstances. Upfront payments to our customers are capitalized if we determine that the payments are incremental and incurred only if the new business is obtained and we expect to recover these amounts from the customer over the term of the new business program. We recognize a reduction to revenue as products that the upfront payments are related to are transferred to the customer, based on the total amount of products expected to be sold over the term of the program. We evaluate the amounts capitalized each period for recoverability and expense any amounts that are no longer expected to be recovered. We had $ 4 and $ 4 recorded in other current assets and $ 16 and $ 28 recorded in other noncurrent assets at March 31, 2025 and December 31, 2024 . Certain of our customer contracts include rebate incentives. We estimate expected rebates and accrue the corresponding refund liability, as a reduction of revenue, at the time covered product is sold to the customer based on anticipated customer purchases during the rebate period and contractual rebate percentages. Refund liabilities are included in other accrued liabilities on our consolidated balance sheets. We provide standard fitness for use warranties on the products we sell, accruing for estimated costs related to product warranty obligations at time of sale. See Note 14 for additional information. 21 Table of Contents Contract liabilities are primarily comprised of cash deposits made by customers with cash in advance payment terms. Generally, our contract liabilities turn over frequently given our relatively short production cycles. Contract liabilities were $ 28 and $ 25 at March 31, 2025 and December 31, 2024 . Contract liabilities are included in other accrued liabilities on our consolidated balance sheets. Disaggregation of revenue — The following table disaggregates revenue for each of our operating segments by geographical market: Three Months Ended March 31, 2025 2024 Light Vehicle North America $ 810 $ 942 Europe 157 164 South America 47 56 Asia Pacific 166 162 Total $ 1,180 $ 1,324 Commercial Vehicle North America $ 229 $ 293 Europe 178 194 South America 114 123 Asia Pacific 47 43 Total $ 568 $ 653 Off-Highway North America $ 79 $ 92 Europe 395 517 South America 5 5 Asia Pacific 125 144 Total $ 604 $ 758 Total North America $ 1,118 $ 1,327 Europe 730 875 South America 166 184 Asia Pacific 338 349 Total $ 2,352 $ 2,735 Note 18. Segments We are a global provider of high-technology products to virtually every major vehicle manufacturer in the world. We also serve the stationary industrial market. Our technologies include drive systems (axles, driveshafts, transmissions, and wheel and track drives); motion systems (winches, slew drives, and hub drives); electrodynamic technologies (motors, inverters, software and control systems, battery-management systems, and fuel cell plates); sealing solutions (gaskets, seals, cam covers, and oil pan modules); thermal-management technologies (transmission and engine oil cooling, battery and electronics cooling, charge air cooling, and thermal-acoustical protective shielding); and digital solutions (active and passive system controls and descriptive and predictive analytics). Effective January 1, 2025, Dana’s chief operating decision maker (CODM) realigned Dana’s operating segments, reflecting Dana’s commitment to streamlining the business, enhancing our go-to market approach, and serving our customers more efficiently. Our former Power Technologies operating segment has been split, integrating the OEM-facing business into our Light Vehicle Systems operating segment and integrating the aftermarket business into our Commercial Vehicle Systems operating segment. In addition, on November 25, 2024, we announced we are exploring the sale of our Off-Highway business. Certain operations that fall outside of the proposed sale perimeter, including certain Dana TM4 joint venture operations, have been integrated into our Commercial Vehicle Systems operating segment. We now serve our global light vehicle, medium/heavy vehicle and off-highway markets through three operating segments – Light Vehicle Systems (Light Vehicle), Commercial Vehicle Systems (Commercial Vehicle) and Off-Highway Drive and Motion Systems (Off-Highway). These operating segments have global responsibility and accountability for business commercial activities and financial performance. Amounts presented for prior periods have been recast to align with Dana’s current three operating segments. Dana’s Chairman and Chief Executive Officer is its CODM. 22 Table of Contents Dana evaluates the performance of its operating segments based on external sales and segment EBITDA. Segment EBITDA is a primary driver of cash flows from operations and a measure of our ability to maintain and continue to invest in our operations and provide shareholder returns. Our segments are charged for corporate and other shared administrative costs. Segment EBITDA may not be comparable to similarly titled measures reported by other companies. Segment information — Light Commercial Three months ended March 31, 2025 Vehicle Vehicle Off-Highway Corporate Total External sales $ 1,180 $ 568 $ 604 $ 2,352 Inter-segment sales 42 30 11 83 1,222 598 615 2,435 Reconciliation of sales Elimination of inter-segment sales ( 83 ) Total consolidated sales $ 2,352 Less: Cost of sales 1,114 520 506 Selling, general and administrative expenses 40 35 35 Other segment items (a) — 1 5 Segment EBITDA $ 68 $ 44 $ 79 $ 191 Purchases of property, plant and equipment $ 48 $ 12 $ 9 $ 6 $ 75 Segment net assets (b) $ 453 $ 498 $ 519 $ ( 87 ) $ 1,383 Light Commercial Three months ended March 31, 2024 Vehicle Vehicle Off-Highway Corporate Total External sales $ 1,324 $ 653 $ 758 $ 2,735 Inter-segment sales 47 31 16 94 1,371 684 774 2,829 Reconciliation of sales Elimination of inter-segment sales ( 94 ) Total consolidated sales $ 2,735 Less: Cost of sales 1,249 617 624 Selling, general and administrative expenses 44 36 39 Other segment items (a) — 2 4 Segment EBITDA $ 78 $ 33 $ 115 $ 226 Purchases of property, plant and equipment $ 37 $ 17 $ 14 $ 2 $ 70 Segment net assets (b) $ 542 $ 496 $ 475 $ ( 59 ) $ 1,454 (a) Other segment items primarily include foreign exchange gains and losses, government assistance, export incentives and the benefit of utilizing non-refundable tax credits purchased at a discount. (b) Segment net assets include accounts receivable - trade, inventories and accounts payable. 23 Table of Contents Reconciliation of segment EBITDA to consolidated net income — Three Months Ended March 31, 2025 2024 Segment EBITDA $ 191 $ 226 Corporate expense and other items, net ( 3 ) ( 3 ) Depreciation ( 96 ) ( 101 ) Amortization ( 5 ) ( 5 ) Non-service cost components of pension and OPEB costs ( 2 ) ( 4 ) Restructuring charges, net ( 5 ) ( 5 ) Stock compensation expense ( 13 ) ( 6 ) Strategic transaction expenses ( 15 ) ( 2 ) Gain (loss) on sale of property, plant and equipment 1 ( 5 ) Supplier capacity charge adjustment 19 Loss on disposal group previously held for sale ( 29 ) Other items 4 Earnings before interest and income taxes 72 70 Interest income 3 4 Interest expense 39 39 Earnings before income taxes $ 36 $ 35 Reconciliation of segment net assets to consolidated total assets — March 31, 2025 2024 Segment net assets $ 1,383 $ 1,454 Accounts payable 1,659 1,697 Cash and cash equivalents 507 351 Accounts receivable - Other 236 251 Other current assets 246 287 Current assets of disposal group held for sale 62 Goodwill 257 257 Intangibles 148 169 Deferred tax assets 579 507 Other noncurrent assets 137 158 Investment in affiliates 127 123 Operating lease assets 299 315 Property, plant and equipment, net 2,222 2,226 Total assets $ 7,800 $ 7,857 Note 19. Equity Affiliates We have a number of investments in entities that engage in the manufacture and supply of vehicular parts (primarily axles, axle housings and driveshafts). Equity method investments at March 31, 2025 — Ownership Percentage Investment Dongfeng Dana Axle Co., Ltd. 50 % $ 54 ROC-Spicer, Ltd. 50 % 21 Axles India Limited 48 % 17 Tai Ya Investment (HK) Co., Limited 50 % 5 All others as a group 6 Investments in equity affiliates 103 Investments in affiliates carried at cost 24 Investments in affiliates $ 127 On April 10, 2025, Dana entered into a definitive agreement to sell its 48 % ownership interest in Axles India Limited for $ 43 in cash. The transaction closed on April 25, 2025. 24 Table of Contents